Updated Dec 4, 2024
AIDS Healthcare Foundation Acquires Morrison Hotel In Downtown Los Angeles For $12.4M
1246 South Hope Street
$12,400,000
Building Size
—
Asset Type
Hotel
Closing
Dec 11, 2023
About this deal
AI
Relevant Group has sold the Morrison Hotel in Downtown Los Angeles to AIDS Healthcare Foundation for $12.4 million. The sale resolves a loan default of $13.2 million and includes a "development cooperation agreement" between Relevant and AHF. The hotel is located at 1246 South Hope Street and is known as the Morrison Hotel.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $12,400,000
- Address: 1246 South Hope Street - Morrison Hotel
- Market: Los Angeles
Michael Weinstein, the representative of AIDS Healthcare Foundation, acted as the buyer in the transaction. Grant King, representing Relevant Group, served as the seller. The sale of the Morrison Hotel marks a significant deal between the two parties.
On the Map
$12,400,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.28%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93